Does All Of A Deceased Person’s Property Have To Go Through Probate?
Certain property passes without the need for probate, such as any joint bank accounts. Proceeds are typically paid to a designated beneficiary. The person being designated in the policy would receive the funds without going through probate.
What Are My Options For Avoiding Probate?
The best option for avoiding probate is to give everything away during your life. You can give away legal ownership and still obtain control. You could put the property in an LLC, whereby you retain part ownership. The majority ownership goes to someone else. In the case of real estate where the person wants to have exclusive control, they could transfer the property to an adult child and retain a life estate permitting them to use the property for the remainder of their life. Alternatively, you could put the property in a trust. In the trust, it would pass to a trust beneficiary when the person passed away. The property that was in the trust would be out of their ownership already because it would go from in their name to in the name of their revocable trust. When they passed away, the home wouldn’t be in their personal name, so it wouldn’t have to go through probate.
What Actually Happens During The Probate Process?
The first step in probate is that someone would come in to our office and we would give them a roadmap to follow. Here are the documents and information we need. They would gather the information and assets. Once everything is gathered, sold, and transferred, there’s a final accounting. As long as there’s no fighting, the executor usually prepares an informal accounting, the heirs sign off on it, and the court usually closes the case.
For more information on Property Of Deceased Going Through Probate, a free case evaluation is your next best step. Get the information and legal answers you are seeking by calling (212) 748-9477 today.
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